The level and quality of family input and support are often
ignored when starting a business. Even with money and inventive
ideas, family backing and emotional support are primary
ingredients to success. This article provides questions which
must be considered before embarking on any business venture.
Don’t let your initial responses or persuade you to change your
mind before you begin. They are meant to encourage you to be
creative, think beyond the box, eliminate “tunnel vision,” and
to master the possibilities of being an independent self-starter
ready to be a successful entrepreneur.
Do You Have Family Support For Your Home Based Business Idea?
Starting a business is challenging and difficult. Even with
money and inventive ideas, family backing and emotional support
are primary ingredients to success. Home based in itself means
that more than one person will be affected by changes in
environment and living conditions. Many home based businesses
falter because owners fail to take into account the adjustments
that naturally occur when working out of the home. Before
embarking on any “at home” business take the time to explore the
idea with all involved. Make a list of advantages and
disadvantages together. Especially when children are involved,
be sure to include them in this important phase of planning.
Discuss “do’s” and “don’ts” when the parent is on “work time”.
Clarify “quality time,” so that you diffuse resentment of
changes in lifestyle patterns. Make sure everyone “buys in” to
the concept of a work at home business. Most importantly,
develop marketing strategies and projections so that each family
member has assignments and business related “jobs” that
encourage a sense of shared business ownership. Remember
succeeding in business is difficult enough without the certainty
of family support.
How Will You Know If You’re Ready? Home based businesses are
more than a run-of-the- mill idea. One important consideration
is selecting something not only of interest to you, but is also
something you are capable of doing. It should be a business for
which you have a high level of expertise as a result of
professional and/or career interests and abilities or because of
a hobby you’ve practiced over the years. Never elect to start a
business based totally on new untested ideas or based on a
dependency on the ideas of another. If you have not fully
developed your idea, take the time to investigate and explore it
from various viewpoints. Take the time to research your topic
and write a vision for your business plan. It might also be
worthwhile attend seminar or workshop training sessions on
developing and writing a business plan. Keep the family involved
in these early stage development plans. Remember, two heads are
better than one. You also encourage continued family ownership
in business development.
How Much Money Will You Need? The amount of money needed for
starting your home based business depends on the product or
services you are selling. Bridal consulting businesses, for
example require low overhead costs. A computer and printer,
telephone, file cabinet, paper, pens, etc. are some of the basic
start up materials needed. However, arts and crafts, floral
arrangements, or gift baskets will demand purchase of items
needed to prepare the products for sale. With proper planning
and business projections, you will be able to develop financial
projections based on beginning inventories, expenses and
estimated sales. Planning business income strategies and cutting
costs for inventory investments can create a need for additional
family discussions. What luxury items must be sacrificed or
detoured during the business start phase? What family vacations
will be delayed or eliminated and for how long? Up front and
open family conversations at the beginning of business planning
can help eliminate unnecessary disappointments later.
Do You Have A Product or Idea Worth Selling? This is where a
family’s input becomes an immeasurable tool. Your family is your
first line of prospecting and sales. You can start by presenting
your idea as part of a family meeting. Your presentation should
be as thorough and professional as if you are about to make the
most important sale of your career. Encourage them to role play
customer questions and responses. This strategy serves a dual
purpose. You gain from a critical “in-house” critique of your
product or idea before it goes public, and you gain family
members with a broader perspective of the company and their role
as marketing advocates or potential sales representatives.
Do You Have A “Niche” Market? Who are your customers? A niche
market is a small group of people who have a particular interest
in what you are selling. It is important to develop a
description of people you feel will purchase your product or
will be receptive to the services you offer. Your marketing plan
is developed based on the identity of your niche market. Your
niche market will be composed of people buying products and
service that will benefit them. Look closely at your product or
service and compose a list of potential customers. Remember,
people seek to buy things that will help them or make them or
their loved ones feel or look better. Your goal is to have your
business viewed as offering something of benefit to others. Take
the time to evaluate your product or service then decide what
type of people will benefit the most by using it. They will be
your niche market.
Can You Afford a Marketing Strategy? You’ve developed your
business plan, secured start up financing, identified your
“niche” market and are ready to sell. Implementing a marketing
strategy is an area where we all have made mistakes. Often we
assume the only way to get an idea, product or service
recognized is to invest large sums of money, the lack of which
means no success. Don’t forget to think out of the box. With
just a little exploration in basic marketing techniques, you can
get into the competitive arena on a limited budget. Instead of
spending an enormous amount of money, you will reinvest energy
resulting in better use of quality time.
You can invest in low cost e-commerce web sites to advertise and
market your product or service. It is best to research and
select web site programs that allow you to prepare, edit, add
and delete content and pictures at your own pace. Take the time
to learn how to manage your own site and save money. Publish
articles on the web, so that you can attract customers to your
site. Establish auto responders on your web pages so that people
can interact and learn more about your products. Family input is
key. Let them participate in this process. Encourage them to
share ideas and include them in the step by step planning and
development process.
Will You Be Successful? Your level of success in working at home
is measured based on the amount of input and time you invest in
your business. It will be enhanced by the quality partnerships
you develop with people as close as the kitchen table. If you
include your family in the very beginning of the planning
process, they will be your foundation of support,encouragement,
and strength. They will be key assets for promoting and
marketing strategies. They will be your first line of defense
and support during those challenging and “lean” times every
business experiences. Starting and running a business is a
family affair. If you can determine their comfort level of
involvement, you will help increase your chances for success.
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